Tips for Making the Best Offer on a House

The housing market is still competitive because of the low supply of homes available for sale. If you are looking to buy a house this season, you should know that the peak frenzy in bidding wars has passed, but you might still face multiple-offer situations. Here are some things to keep in mind to help you make the best offer. Rely on a Real Estate ExpertRely on a real estate agent who can help you achieve your goals and understand what is happening in the housing market today. Agents are experts on both the local and national markets. They will use both areas of expertise to ensure you have all the necessary information to move confidently. Your offer can stand out if you cater to the seller’s needs. It may sound simple, but it is important. According to a Forbes article: “Getting to know the local realtor in the area where you want to buy could also give you an edge in a competitive housing market.”2. Get Pre-Approved For A Home Loan Having a budget in mind at this time is important, especially with the current affordability issues. You can better understand your finances by working with a lender to get pre-approved for home loans. It shows the seller that you are serious. This can give you an edge in a scenario where you have to compete with multiple offers. Make a Fair DealIt is only natural to want to get the best deal on a house. A low-ball offer can be risky. You don’t wish to make an offer which will be rejected as soon as they receive it. As explains:”. . . Sellers who feel insulted by an offer price that is significantly lower than the listing cost will often reject it. . . Listing agents will try to convince their sellers to negotiate with buyers and counteroffer a price that is a little lower than the list price. If a seller is offended or doesn’t take the buyer seriously, you or the agent can’t do much. “The expertise your agent brings will help you to stay competitive and find the price that’s right for you and the seller. Trust Your Agent During NegotiationsDuring the era of ‘unicorns’ in housing, some buyers skipped inspections or did not ask for concessions from sellers to win the winning bid. This isn’t happening nearly as much today, according to an article by Bankrate: “While the market has calmed down, sellers still hold the majority of the power in this era with limited housing inventory.” Buyers are less likely to waive inspections, but they still do. . . . It is in the best interest of the buyer to have a house inspected. . . Your trusted real estate advisor will help you think through what levers to pull and which ones you may not want to compromise on when putting together an offer. Your trusted real estate agent will help you decide which levers to use and which ones to avoid when putting together an offering.

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